KLK 2Q net profit declines to RM117.07mil

KUALA LUMPUR: Kuala Lumpur Kepong Bhd's (KLK) net profit for the second quarter of 2024 (2Q FY2024) ended March 31, 2024, fell 38.6 per cent to RM117.07 million from RM190.81 million recorded in the same period a year ago due to a decline in revenue.

Revenue slipped 9.8 per cent to RM5.46 billion from RM6.05 billion previously, following weaker performance in its manufacturing, property, and investment holding segments, the group said in a filing with Bursa Malaysia.

"The manufacturing segment’s profit fell sharply by 81.4 per cent to RM82.0 million, with revenue declining 16.5 per cent to RM8.86 billion.

"Although revenue increased to RM127.0 million, property segment’s profit fell 29.4 per cent to RM19.5 million,” it said.

For the first six months ended March 31, 2024, the group recorded a 45.7 per cent drop in net profit to RM344.01 million from RM633.85 million in the same period previously.

Meanwhile, revenue decreased 13.1 per cent to RM11.09 billion from RM12.76 billion a year ago.

KLK also declared a single-tier interim dividend of 20 sen per share for the financial year ending Sept 30, 2024, payable on July 30, 2024.

On prospects, KLK said it would continue its ongoing policies to improve yields, costs and productivity amidst the global uncertainties and challenges.

"The group’s profitability is expected to be adversely affected by the losses of Synthomer Plc (an overseas associate) and the poor contribution from the manufacturing segment, but fortunately bolstered by the projected stronger results of the plantation segment,” it said. - Bernama

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Kuala Lumpur Kepong , KLK , dividend


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